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Dec 06, 2007 15:42 EEST
December 6 (SeeNews) - Romania has sold some of the assets of indebted seamless pipes and tubes plant Republica to India’s Maharashtra Seamless (MSL) for 6.2 million euro ($9.0 million), receiver Moore Stephens RVA said on Thursday.
“The Indian company acquired the production equipment of Republica plant in a tender, held on November 22. They already paid 50% of the total value and will pay the rest shortly. They have one year to dismantle and ship the equipment to India,” Teodor Nicolae from Moore Stephens RVA told SeeNews.
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Nicolae said that Republica’s debt amounts to some 80 million euro, including 37 million euro which belongs to the Romanian state with the rest owed to the other creditors of the plant. “We plan to sell the bulk of the plant, which is the land and the buildings, in February-March next year and we expect to be able to repay all of the plant’s debt,” Nicolae added.
Romania’s privatisation agency AVAS sold its 99.54% stake in Republica in March 2003 to a consortium formed of MOODY - ROM TRADING România, MOODY International Trading Inc. US, OOO Temerso Russia, and ZAO Compania Temerso – Russia. The sale contract was cancelled in November 2003 as the buyer failed to meet its contractual obligations.
($ = 0.6863 euro)
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